Viritech signs an MOU with ANEVOLVE
● Viritech, the leading developer of high-performance hydrogen powertrain solutions for the automotive industry, has signed an MOU with ANEVOLVE, a cleantech platform for green mobility solutions that complements the $1.9-billion ANAND Group, India’s leading auto component and systems maker
● The MOU was signed in New Delhi by Jaisal Singh, Executive Chairman of ANEVOLVE, and Timothy Lyons, Founder and CEO of Viritech
● Viritech is one of the launch partners of the new cleantech platform ‘ANEVOLVE’, complementary to ANAND, to create, design, and manufacture green technology solutions for electric mobility, as well as for other sectors
Viritech, the pioneer of advanced hydrogen powertrain solutions, has been announced as a launch partner of ANEVOLVE, which targets turnover of at least ₹3,500-crore (US$ 423 million) within five years.
The MOU will lead to the evaluation of the potential for hydrogen fuel cell powertrains in the markets of India, ASEAN, and SAARC, with the intention to establish a Joint Venture to manufacture Viritech’s enabling hydrogen technologies for fuel cell powertrains.
The initial target markets are heavy commercial vehicles, light commercial vehicles, and large SUVs. These are all markets where weight is a critical issue, and where Viritech’s technology can offer zero-emission propulsion without the weight penalty of battery-electric vehicles (BEVs).
ANEVOLVE will apply its unparalleled manufacturing expertise and market access to productionise and market Viritech’s enabling technologies in the Indian, ASEAN and SAARC markets.
India is seen as a future hydrogen superpower. With access to low-cost green hydrogen via solar power, and strong support from the Indian government, India is expected to become one of the world’s leading producers of hydrogen and one of the largest hydrogen economies.
Timothy Lyons, CEO of Viritech said, “We are delighted to sign this MoU. We could not wish for a better partner for the Indian, ASEAN, and SAARC markets. We believe that, by combining Viritech’s industry-leading hydrogen powertrain technology with ANEVOLVE’S world-class production and distribution capabilities, we can greatly accelerate the world’s vitally important transition to Sustainable Transportation.”
Jaisal Singh, Executive Chairperson of ANEVOLVE, said: “The birth of ANEVOLVE is a significant step in our commitment to help build a greener, cleaner planet by bringing a sharper focus and renewed vigour to our strategic growth plans in this space.”
About Viritech
Viritech are passionate cleantech engineers with the goal of becoming the world’s leading developer of hydrogen powertrain solutions.
Focussing on areas where hydrogen fuel cells offer immediate benefits, the company is currently developing hydrogen powertrains for trucks, vans, and high-performance cars. This will be followed by applications for aircraft, marine and off-grid energy.
With an F1-derived engineering culture, focussed on agile innovation and the creation of valuable, licensable IP, Viritech’s business model is to design, prototype, test and license its technologies to global OEMs and Tier 1 suppliers.
About ANEVOLVE
ANEVOLVE is a cleantech-centric platform that creates, designs, and manufactures clean technologies and products for mobility, as well as for other sustainability-focused sectors, for a cleaner and greener future. It complements the existing ₹15,000-crore (US$ 1.9 billion) ANAND Group.
ANEVOLVE aims to invest ₹1,000 crore (US$ 120 million) in the short term to develop solutions for greener products and systems across a broad business landscape.
“The entire business eco-system will have to shift to more sustainable products, systems, and operations. We, through ANEVOVLE, intend to be a catalyst in India’s journey towards clean mobility,” said Sunil Kaul, President & Chief Technology Officer, ANAND.